In the first 30 months of the Help to Buy equity loan scheme, 62,589 properties were bought using it.

The scheme is available on new builds only, and the 30 months ran until the end of September this year.

The mean purchase price of a property bought under the scheme was £217,999.

Most of the home purchases were made by first-time buyers, accounting for 81%, or 50,969, of total purchases.

The Help to Buy equity loan scheme is different from the Help to buy mortgage guarantee scheme, available for both new and second hand home purchases. Figures for this part of the Help to Buy scheme will not be available until next March.

Andy Frankish, of the Mortgage Advice Bureau, said: “The vast majority of those benefiting from the scheme are first-time buyers who understandably are purchasing properties in the lower price brackets. The scheme continues to reach its target audience of buyers joining the property market for the first time as homeowners.

“Compared to other regions, uptake of the scheme in London has been relatively low, with 85% of London boroughs having fewer than 200 Help to Buy equity loan completions.

“House prices in the capital are so high that a 20% equity loan is still not enough for many to be able to afford a property.”

Doug Crawford, CEO of conveyancing firm My Home Move, said: “The jury is still out on whether the Help to Buy equity loan scheme is helping as many first-time buyers as it could.

“Our data reveals that nearly half (47%) of buyers using the scheme rely on a gift for some or all of the deposit.

“Clearly, a significant chunk of those using the scheme still require extra help from the bank of mum and dad, even though the scheme means they need a smaller deposit than normal. This means there is a big question mark over what first-time buyers could do without government support.

“It also means that many who are unable to rely on cash gifts from family and friends are cut off from their dream of home ownership even with schemes like this in place.

“The scheme’s limitations are also reflected in the average cost of a house purchased through it.

“According to DCLG, the cost of a house typically purchased with an Equity Loan stands at £217,999, eight times the average salary [£27,000], raising questions over whether such homes really count as affordable.”

For number crunchers, the official statistics are here